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Please show calculations as well A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond

image text in transcribedPlease show calculations as well
A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid, $72,000 remained in the Bond Premium account. The company purchased the entire bond issue on the open market at 98 and retired it. Prepare the journal entry to record the retirement of these bonds

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